WASHINGTON: The COVID-19 crisis has sent US unemployment surging to almost 14.7% — the level last seen when the US was in the throes of the depression.
It was during this time when the then President Franklin D. Roosevelt had assured Americans that the ‘only thing to fear was fear itself’, according to AP.
Due to the errors on the part of the government and the way the Labor Department has measured the job market, the picture is even worse, international media reports said.
The unemployment rate now stands at 23.6%, which is close to the Depression peak of nearly 25%.
According to the Labor Department, around 20.5 million jobs vanished in April this year — in the worst monthly loss on record. This was triggered by the shutdowns of stores, factories, offices and other businesses.
White House officials has announced that Vice President Mike Pence’s press secretary has coronavirus.
(With inputs from Agencies)
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